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Australian (ASX) Gold Industry Analysis

UpdatedApr 09, 2026
DataAggregated Company Financials
Companies153
  • 7D6.5%
  • 3M1.2%
  • 1Y75.4%
  • YTDn/a

Over the last 7 days, the Gold industry has risen 4.8%, driven by gains from Northern Star Resources of 8.3%. During this same period, the Tolu Minerals underperformed, falling 6.9%. This means that the industry has gained 57% over the past year. Looking forward, earnings are forecast to grow by 25% annually.

Industry Valuation and Performance

Has the Australian Gold Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 09 Apr 2026AU$167.3bAU$32.3bAU$6.6b17.1x25.3x5.2x
Sat, 07 Mar 2026AU$175.0bAU$31.1bAU$6.3b24.9x27.9x5.6x
Mon, 02 Feb 2026AU$183.9bAU$26.3bAU$4.6b30.9x40.4x7x
Wed, 31 Dec 2025AU$163.6bAU$26.4bAU$4.6b27.5x35.8x6.2x
Fri, 28 Nov 2025AU$151.5bAU$26.5bAU$4.6b24.8x33.1x5.7x
Sun, 26 Oct 2025AU$138.9bAU$26.4bAU$4.6b24.1x30.3x5.3x
Tue, 23 Sep 2025AU$135.5bAU$26.9bAU$4.8b18.2x28.1x5x
Thu, 21 Aug 2025AU$105.6bAU$22.8bAU$3.4b18.7x30.8x4.6x
Sat, 19 Jul 2025AU$99.0bAU$22.2bAU$3.1b17.2x31.9x4.5x
Mon, 16 Jun 2025AU$111.9bAU$22.3bAU$3.1b21.2x36.2x5x
Wed, 14 May 2025AU$94.2bAU$22.4bAU$3.1b18.3x30.4x4.2x
Fri, 11 Apr 2025AU$89.3bAU$22.3bAU$3.1b17.5x29.2x4x
Sun, 09 Mar 2025AU$78.3bAU$22.1bAU$3.0b18.7x26.4x3.5x
Tue, 04 Feb 2025AU$79.8bAU$18.7bAU$1.8b21.4x43.6x4.3x
Thu, 02 Jan 2025AU$69.5bAU$18.7bAU$1.8b21.6x37.6x3.7x
Sat, 30 Nov 2024AU$73.4bAU$18.6bAU$1.8b20.7x40.7x4x
Mon, 28 Oct 2024AU$79.3bAU$18.4bAU$1.8b23.9x44.1x4.3x
Wed, 25 Sep 2024AU$68.5bAU$18.3bAU$1.8b20.7x38.2x3.7x
Fri, 23 Aug 2024AU$65.6bAU$16.9bAU$1.3b22.1x49.1x3.9x
Sun, 21 Jul 2024AU$61.3bAU$16.0bAU$1.1b23.6x56.9x3.8x
Tue, 18 Jun 2024AU$55.7bAU$16.9bAU$1.2b20.4x47.1x3.3x
Thu, 16 May 2024AU$58.4bAU$17.1bAU$1.2b21.9x49.2x3.4x
Sat, 13 Apr 2024AU$60.6bAU$17.2bAU$1.2b23.4x50.5x3.5x
Mon, 11 Mar 2024AU$54.1bAU$16.6bAU$1.2b18.8x44.6x3.3x
Wed, 07 Feb 2024AU$48.8bAU$15.4bAU$279.2m23x174.7x3.2x
Fri, 05 Jan 2024AU$73.6bAU$22.9bAU$1.3b23.4x54.7x3.2x
Sun, 03 Dec 2023AU$75.0bAU$22.9bAU$1.3b24.3x55.6x3.3x
Tue, 31 Oct 2023AU$70.6bAU$23.0bAU$1.4b22.4x51.9x3.1x
Thu, 28 Sep 2023AU$67.0bAU$23.0bAU$1.3b19.6x53x2.9x
Sat, 26 Aug 2023AU$67.8bAU$22.5bAU$1.1b16.5x62.9x3x
Mon, 24 Jul 2023AU$70.7bAU$22.2bAU$538.2m18.1x131.4x3.2x
Wed, 21 Jun 2023AU$71.0bAU$22.2bAU$554.3m17.2x128.1x3.2x
Fri, 19 May 2023AU$73.1bAU$22.3bAU$582.9m19x125.3x3.3x
Sun, 16 Apr 2023AU$79.7bAU$22.3bAU$575.7m18.6x138.5x3.6x
Price to Earnings Ratio

138.5x


Total Market Cap: AU$79.7bTotal Earnings: AU$575.7mTotal Revenue: AU$22.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Gold Industry Price to Earnings3Y Average 58.1x202420252026
Current Industry PE
  • Investors are pessimistic on the Australian Gold industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 23.2x which is lower than its 3-year average PE of 58.2x.
  • The 3-year average PS ratio of 4.0x is lower than the industry's current PS ratio of 4.7x.
Past Earnings Growth
  • The earnings for companies in the Gold industry have grown 129% per year over the last three years.
  • Revenues for these companies have grown 13% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does Australian Gold compare with similar industries?

AU Market3.12%
Materials4.07%
Metals and Mining4.08%
Gold6.46%
Copper6.60%
Silver4.70%
Precious Metals and Minerals3.88%
Diversified Metals and Mining3.86%
Steel0.77%
Aluminum-0.022%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
NST Northern Star ResourcesAU$23.938.3%
+AU$2.6b		24.1%PE22.1x
GGP Greatland ResourcesAU$15.2316.9%
+AU$1.5b		n/aPE15.9x
EVN Evolution MiningAU$14.093.2%
+AU$900.3m		112.5%PE21.6x
WGX Westgold ResourcesAU$6.797.9%
+AU$472.4m		154.3%PE25.3x
GMD Genesis MineralsAU$6.625.9%
+AU$422.7m		82.9%PE18.9x

Latest News

EVN
AU$14.09
Evolution Mining
7D
3.2%
1Y
112.5%

EVN: Higher Metal Price Assumptions Will Support Dividend And Earnings Resilience

Analysts have lifted the price target on Evolution Mining to A$14.50 from A$9.90, citing updated commodity price decks, higher long-term metal price assumptions and a shift in sector views that now place the stock at or near sector perform or hold ratings. Analyst Commentary Recent research shows a clear shift in how the street is framing Evolution Mining, with several bullish analysts revisiting their assumptions on metal prices and risk, then feeding those changes into updated valuation work.
TOK
AU$1.48
Tolu Minerals
7D
-6.9%
1Y
80.5%
RMS
AU$4.10
Ramelius Resources
7D
5.7%
1Y
79.0%
WAF
AU$3.38
West African Resources
7D
-0.6%
1Y
62.5%

WAF: Speculative Buy Rating Will Rely On Future Project Execution

Analysts have nudged their price target for West African Resources up from A$5.70 to A$5.85, citing updated assumptions around revenue growth, profit margins and forward P/E following the recent resumption of coverage at Speculative Buy by the Street. Analyst Commentary Recent research coverage frames the updated A$5.85 price target as part of a constructive view on how West African Resources is positioned, with bullish analysts focusing on the balance between valuation assumptions, revenue potential and profit margins.
WGX
AU$6.79
Westgold Resources
7D
7.9%
1Y
154.3%

WGX: Expansion Decision And Index Inclusion Will Support Future Re Rating

Analysts have raised their price target for Westgold Resources to A$8.91 from A$3.76, citing updated assumptions for the discount rate, revenue growth, profit margins and future P/E that together change the assessment of the stock’s fair value. What's in the News Board approves Final Investment Decision to expand the Higginsville Processing Hub from 1.6 Mtpa to a nominal 2.6 Mtpa, following a Definitive Feasibility Study with capital and operating cost accuracy in the range of 5% to 15% (company announcement).
NST
AU$23.93
Northern Star Resources
7D
8.3%
1Y
24.1%

NST: Higher Long Term Gold Pricing Is Expected To Support Upside

Analysts lifted their price target for Northern Star Resources to A$35 from A$30, citing updated long-term commodity price assumptions for gold and other metals as the main reason for the change. Analyst Commentary Recent research points to revised long term commodity price assumptions for gold and other metals as a key driver behind the higher A$35 price target for Northern Star Resources, compared with the prior A$30 level.
TTM
AU$0.85
Titan Minerals
7D
-4.0%
1Y
142.9%
TCG
AU$0.65
Turaco Gold
7D
-3.0%
1Y
79.2%
GGP
AU$15.23
Greatland Resources
7D
16.9%
1Y
n/a
GPR
AU$0.05
Geopacific Resources
7D
-5.7%
1Y
138.1%
LRM
AU$0.018
Lion Rock Minerals
7D
-10.0%
1Y
125.0%
PDI
AU$0.95
Predictive Discovery
7D
16.5%
1Y
198.4%
GMD
AU$6.62
Genesis Minerals
7D
5.9%
1Y
82.9%
BGL
AU$1.86
Bellevue Gold
7D
15.5%
1Y
n/a
TGM
AU$0.21
Theta Gold Mines
7D
-2.3%
1Y
53.6%